NYSE to delist three Chinese telecoms, reversing decision again

The New York Stock Exchange reversed course again Wednesday, choosing to delist three major Chinese telecommunications companies.

The NYSE said in a statement that the decision is based on new guidance from the Treasury Department.

The original announcement of plans to delist China Mobile Ltd., China Telecom Corp Ltd. and China Unicom Hong Kong Ltd. was made last Thursday in order to comply with an executive order by President Trump.

Trump argued the November order was necessary as the Chinese government seeks to influence “civilian Chinese companies to support its military and intelligence activities,” which he said presents an “unusual and extraordinary threat” to the U.S.

None of the three companies have significant footprints in the U.S. and China has accused Trump of using nebulous national security threats to curb competition.

Late Monday night the NYSE reversed its plans, saying that the companies could continue to be traded “in light of further consultation with relevant regulatory authorities.”

The latest course correction comes after Treasury Secretary Steven Mnuchin reportedly criticized Monday’s reversal.

As of Wednesday afternoon, trading of the three securities will be suspended at 4 p.m. EST this coming Monday.